Tonies (TNIE) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking results in 2024, with group revenue of EUR 481 million, up 33% year-over-year, and positive net income for the first time, driven by international expansion, especially in North America, now the largest market.

• Positive free cash flow (EUR 33m) and net income (EUR 13m) for the first time, marking a major milestone since IPO.

• Adjusted EBITDA margin improved to 7.5% (+3.5pp YoY), with EBITDA margin at 7.0% (+4.6pp YoY), reflecting operating leverage and gross margin expansion.

• Over 2.4m Tonieboxes and 30m Tonies sold in FY 2024, with strong product innovation and successful launches in new markets like Australia and New Zealand.

• Sustainability initiatives advanced, including the first voluntary sustainability report, increased use of bio-circular materials, and new repair services.

Financial highlights

• Group revenue reached EUR 481 million, a 33% increase year-over-year, with North America EUR 210m (+50%), DACH EUR 184m (+11%), and Rest of World EUR 86m (+57%).

• Adjusted EBITDA: EUR 36.1m (7.5% margin, +3.5pp YoY); EBITDA: EUR 33.5m (7.0% margin, +4.6pp YoY).

• Positive free cash flow of EUR 33 million and year-end cash position of EUR 107 million.

• Net income of EUR 13 million, marking the first positive result.

• Gross profit margin: 62.1% (+0.5pp YoY); contribution margin: 34.5% (-0.7pp YoY).

Outlook and guidance

• No FY 2025 guidance provided due to high US tariffs, volatile capital markets, and unclear economic outlook; guidance to be issued when visibility improves.

• Business priorities for H1 2025: internationalization, gross margin expansion, proprietary content growth, and mitigating tariff impacts.

• Confident in continuing profitable growth in 2025, with Q1 2025 growth tracking at approximately 20% year-over-year.